The Upper End Upturn.
London buyers have returned for unique properties over £1m.
Since early December – so before the result of the General Election – there has been a pretty decent return of people looking for unique properties at the upper end of the market, specifically between £1m and £3m. This has been a famously slow part of the London property market for some time – a mix of increased stamp duty, Brexit jitters and political turmoil – but there is most certainly a change in sentiment and activity.
With the UK’s parliamentary system, it is stability (or the illusion of it) that is a driving force in the property market. This means it’s very likely that, with the result of the election looking more and more assured from late November onwards, the sense – at long last! – of a clear political trajectory gave affluent London buyers the excuse they’ve been waiting for to finally get moving.
A couple of recent sales here at Unique at the upper end of the market show that people are serious about buying, and not just browsing for curiosity. We sold a penthouse at The Jam Factory in Bermondsey for £1,150,000, while a huge warehouse conversion at Dunbar Wharf in Limehouse went for £2,550,000 with the sale going through in just seven weeks from being agreed to being completed – a real show of enthusiasm and commitment in even the best of markets.
We could probably have sold more, but the last couple of years have been somewhat lean in terms of unique properties above £1m coming to the market, with a reluctance from sellers to have their home sitting on the market and going stale. That is a very understandable mindset and even the most casual seller will soon get bored and frustrated at the lack of activity because, even though they might know better, it does feel like a personal slight when nobody wants to buy your home.
This is partly what brought about our UNIQUE: CONFIDENTIAL service of marketing homes on the quiet to avoid them sitting on our website or Rightmove for all to see. With so much information now available around how long homes have been on the market and their pricing history, it can be very easy for buyers to leverage those statistics to justify low offers. So it’s up to us agents to find ways of ensuring our seller clients retain the upper hand.
Still, it’s now clear that the upper end of the London property market is entering a new phase, with the regular sense of get up and go that the new year brings given an extra spring in its step with a clear election result and a likely return to a normal political climate. So, if you have an unusual, one-off or esoteric home that you are looking to sell, our list of buyers for unique properties is growing at a faster rate than it has for a very long time, giving you a real chance of a sale in a sensible timeframe.
If you’re looking to move in 2020 and would like too talk about any aspect of selling or renting your unique property, please get in touch with our team.